The indices started out the day with a rally attempt that took them to slightly new rally highs. That was even confirmed by the S&P and the NDX.  But around 11:30 they hit their highs for the day, sold off into the lunch hour and through it, and shortly after the lunch hour had a rally attempt that failed to break out above intraday resistance. Then they sold off in the last hour, pretty steadily to close near the lows for the day going away.

The Dow was down 33, the S&P 5 and change, the Nasdaq 100 10.68, and the SOX was down about 2 1/2.

The technicals were negative by more than 2 to 1 on advance-declines on New York and about 3 to 2 on Nasdaq.  Up/down volume was 11 to 6 negative on New York and about 2 to 1 negative on Nasdaq.

Today's volume was heavier today, obviously not a bullish sign. Today's volume totals were 1.84 billion on Nasdaq, and 1.8 billion on New York.

TheTechTrader.com board was very narrowly mixed except for just a couple issues, both junior pharma stocks.  Kendle International (KNDL) was down 2.06 and Vertex Pharmaceuticals (VRTX) down 1.19. They led the way on the downside on thetechtrader.com board.

Energy Conversion Devices (ENER) on financing news dropped 98 cents, but that was about 1.60 off the morning lows.

Convera (CNVR) was down 43 cents, Forward Industries (FORD) 79 cents, and Spire Corp (SPIR) down 57 cents.  Those were the other losers of note on the board.

On the plus side, Sierra Wireless (SWIR), up 67 cents on more than 1.1 million shares. Evergreen Solar (ESLR) advanced 23 cents,  Intellisync Corp. (SYNC) advanced 18 cents, Neoware (NWRE) 19 cents, and Broadwing, one of our Charts of the Week, up 18 cents.

But for the most part gains and losses were very fractional.

Stepping back and reviewing the hourly chart patterns, the indices came down through their rising 21-day moving averages, but are still above the 40-day, although that may be tested early tomorrow.  Price and moving average support is currently at around 1190 on the S&P and 1571-72 on the Nasdaq 100.

If those are broken, secondary support beneath that are 1558-60 NDX and 1180-82 S&P.

Good trading!

Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com, a real-time diary of his day, swing and intermediate-term trades. For more of Harry Boxer, sign up for a FREE 15-day trial to his Real-Time Technical Trading Diary, or sign up for a Free 30-Day Trial to his Top Charts of the Week service.